Globalisation GapFill

Globalisation is a frequently used term in contemporary discussions around economics − but what does it mean?

Globalisation refers to the increasing interconnectedness of nation states over the last 50 years. While it is not solely an economic term, nowhere is this phenomenon more evident than in the economic sphere. Globalisation is identified by increased amounts of unrestricted  transnational corporations (TNCs)international tradeindustrialisationinfrastructure, the emergence of large  transnational corporations (TNCs)international tradeglobal governanceindustrialisation operating across national boundaries, the shift of  transnational corporations (TNCs)global governanceinternational tradeindustrialisation from the developed nations of the Global North to the developing nations of the Global South, and the creation of systems of  transnational corporationsinternational tradeindustrialisationglobal governance to attempt to regulate economic activity. 

Increasing global interconnectedness is not a new phenomenon; however, a number of factors have contributed to the substantial acceleration of this tendency over the last 50 years. Factors contributing to globalisation include the emergence of   the Cold Waran industrialisationa trade liberalisationan instant communication and information agenda promoting the removal of restrictions and barriers to exchange, the conclusion of  trade liberalisationinfrastructurecontainerisationthe Cold War, which has largely unified nation states under a single political and economic model, and significant advances in transportation and  instant communication and informationinfrastructurecontainerisationthe Cold War − in particular   infrastructureinstant communication and informationthe Cold Warcontainerisation, which has standardised the process and reduced the cost of trade.  

Perhaps most significant, however, are advances in  infrastructurecontainerisationtrade liberalisationinstant communication and information technology, which has made global economic organisation cheaper and easier than ever before.